October 24, 2017

Blockchain startup Bloq to launch new cross-chain coin

Business

October 24, 2017

Blockchain startup Bloq, which provides enterprise services to companies looking to develop on the blockchain, has unveiled a new cryptocurrency which it says will operate cross-chain.

Fronted by controversial blockchain commentator Jeff Garzik, the new cryptocurrency is billed as being a solution to what Garzik believes are the disagreements currently preventing mainstream adoption of established cryptocurrencies.

Known as metronome, the new coin was unveiled this week at the Money2020 event in Las Vegas, with the Bloq founder claiming the coin will represent a number of ‘firsts’ for the cryptocurrency world.

Its main feature will be the ability to switch between different blockchains, a feature which Garzik described by analogy to a ‘boxcar’, able to run on the rails of any compatible blockchain protocol.

According to Garzik, the fact that metronome smart contracts will be able to run on any compatible blockchain is one of its key points of difference, relative to the tokens available elsewhere today.

“You can run it on the ethereum, ethereum classic, quantum. That’s one of the key ways that this is self-governing, for the first time, you’re not tied to a single blockchain, you can run metronome contracts on any EVM compatible blockchain.”

“We feel that there is a consistent demand for a cross-chain option. I point to the major uncertainty of proof-of-stake and proof-of-work, where the proof-of-stake system is going to change the money supply, but [ethereum] hasn’t stated how much it will change.”

While Bloq at present works with enterprise clients exploring blockchain projects, metronome was described as ‘not inconsistent’ with the company’s wider vision for a “multi-token, multi-network” blockchain ecosystem.

Metronome, or MTN will launch with an initial auction for some 10 million tokens, of which 8 million will be made available to the public. The remaining 2 million tokens will be held by Bloq.

Crucially, proceeds from the sale will be distributed to MTN holders through smart contracts over a number of decades, effectively building in a yield for ownership, beyond market value.

The token is set to debut in early December, and analysts will be monitoring its progress closely to see whether MTN takes off as intended.